Comprehensive Stock Comparison
Compare XOMA Royalty Corp. (XOMA) vs Innoviva, Inc. (INVA) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth |  XOMA | 498.7% revenue growth vs INVA's 18.5% |
| Value |  INVA | Lower P/E (11.5x vs 39.7x) |
| Quality / Margins | INVA | 65.4% net margin vs XOMA's 41.1% |
| Stability / Safety | INVA | Beta 0.07 vs XOMA's 0.82 |
| Dividends | XOMA | 1.8% yield; INVA pays no meaningful dividend |
| Momentum (1Y) | INVA | +29.1% vs XOMA's +22.5% |
| Efficiency (ROA) | INVA | 16.6% ROA vs XOMA's 7.3%, ROIC 16.8% vs -37.6% |
Who Each Stock Is For
Income & stability
XOMADividend streak 0 yrs, beta 0.82, yield 1.8%
Growth exposure
XOMARev growth 498.7%, EPS growth 59.2%, 3Y rev CAGR -9.3%
Long-term compounding (10Y)
INVA81.4% 10Y total return vs XOMA's 46.9%
Sleep-well-at-night portfolio
INVALower volatility, beta 0.07, current ratio 14.64x
Defensive / Recession hedge
INVABeta 0.07, current ratio 14.64x
Business Model
What each company does and how it makes money
XOMA Royalty Corp is a biotechnology royalty aggregator that acquires future economic rights to pre-commercial therapeutic candidates licensed to pharmaceutical partners. It generates revenue primarily through milestone payments and royalties from its portfolio of approximately 70 early to mid-stage clinical assets—typically earning a percentage of future drug sales if the therapies succeed. The company's moat lies in its specialized expertise in evaluating clinical-stage assets and structuring royalty agreements that provide diversified exposure to potential blockbuster drugs without bearing development costs.
Innoviva is a biopharmaceutical company that develops and commercializes respiratory therapies for chronic obstructive pulmonary disease (COPD) and asthma. It generates revenue primarily through royalties and collaboration payments from its partnered respiratory drugs — including RELVAR/BREO ELLIPTA, ANORO ELLIPTA, and TRELEGY ELLIPTA — which are commercialized by GlaxoSmithKline. The company's key advantage lies in its long-term royalty streams from established respiratory products and its strategic partnership with a major pharmaceutical company for commercialization.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
INVA 4XOMA 0INVA3/4 metricsINVA7/7 metricsINVA6/6 metricsINVA2/2 metricsINVA leads in 4 of 6 categories — strongest in Valuation Metrics and Profitability & Efficiency. 1 category is tied.
Financial Metrics (TTM)
INVA is the larger business by revenue, generating $415M annually — 8.8x XOMA's $47M. INVA is the more profitable business, keeping 65.4% of every revenue dollar as net income compared to XOMA's 41.1%.
| Metric | XOMAXOMA Royalty Corp. | INVAInnoviva, Inc. |
|---|---|---|
| RevenueTrailing 12 months | $47M | $415M |
| EBITDAEarnings before interest/tax | $22M | $13M |
| Net IncomeAfter-tax profit | $19M | $271M |
| Free Cash FlowCash after capex | $5M | $195M |
| Gross MarginGross profit ÷ Revenue | +93.8% | +78.9% |
| Operating MarginEBIT ÷ Revenue | +4.1% | -4.0% |
| Net MarginNet income ÷ Revenue | +41.1% | +65.4% |
| FCF MarginFCF ÷ Revenue | +11.4% | +46.9% |
| Rev. Growth (YoY)Latest quarter vs prior year | +29.9% | +28.6% |
| EPS Growth (YoY)Latest quarter vs prior year | +144.0% | +7.1% |
Valuation Metrics
| Metric | XOMAXOMA Royalty Corp. | INVAInnoviva, Inc. |
|---|---|---|
| Market CapShares × price | $316M | $1.7B |
| Enterprise ValueMkt cap + debt − cash | $334M | $1.1B |
| Trailing P/EPrice ÷ TTM EPS | -16.03x | 6.89x |
| Forward P/EPrice ÷ next-FY EPS est. | 39.71x | 11.55x |
| PEG RatioP/E ÷ EPS growth rate | — | 0.67x |
| EV / EBITDAEnterprise value multiple | — | 5.62x |
| Price / SalesMarket cap ÷ Revenue | 11.10x | 3.99x |
| Price / BookPrice ÷ Book value/share | 3.78x | 1.64x |
| Price / FCFMarket cap ÷ FCF | — | 8.66x |
Profitability & Efficiency
INVA delivers a 23.1% return on equity — every $100 of shareholder capital generates $23 in annual profit, vs $18 for XOMA.
| Metric | XOMAXOMA Royalty Corp. | INVAInnoviva, Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +17.9% | +23.1% |
| ROA (TTM)Return on assets | +7.3% | +16.6% |
| ROICReturn on invested capital | -37.6% | +16.8% |
| ROCEReturn on capital employed | -19.4% | +12.4% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 4 |
| Debt / EquityFinancial leverage | 1.46x | — |
| Net DebtTotal debt minus cash | $18M | -$551M |
| Cash & Equiv.Liquid assets | $102M | $551M |
| Total DebtShort + long-term debt | $119M | $0 |
| Interest CoverageEBIT ÷ Interest expense | 0.67x | 11.03x |
Total Returns (with DRIP)
A $10,000 investment in INVA five years ago would be worth $19,748 today (with dividends reinvested), compared to $7,158 for XOMA. Over the past 12 months, INVA leads with a +29.1% total return vs XOMA's +22.5%. The 3-year compound annual growth rate (CAGR) favors INVA at 27.3% vs XOMA's 7.4% — a key indicator of consistent wealth creation.
| Metric | XOMAXOMA Royalty Corp. | INVAInnoviva, Inc. |
|---|---|---|
| YTD ReturnYear-to-date | -5.5% | +14.4% |
| 1-Year ReturnPast 12 months | +22.5% | +29.1% |
| 3-Year ReturnCumulative with dividends | +23.9% | +106.3% |
| 5-Year ReturnCumulative with dividends | -28.4% | +97.5% |
| 10-Year ReturnCumulative with dividends | +46.9% | +81.4% |
| CAGR (3Y)Annualised 3-year return | +7.4% | +27.3% |
Risk & Volatility
INVA is the less volatile stock with a 0.07 beta — it tends to amplify market swings less than XOMA's 0.82 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. INVA currently trades 90.4% from its 52-week high vs XOMA's 66.3% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | XOMAXOMA Royalty Corp. | INVAInnoviva, Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.82x | 0.07x |
| 52-Week HighHighest price in past year | $39.92 | $25.15 |
| 52-Week LowLowest price in past year | $18.35 | $16.52 |
| % of 52W HighCurrent price vs 52-week peak | +66.3% | +90.4% |
| RSI (14)Momentum oscillator 0–100 | 49.0 | 50.8 |
| Avg Volume (50D)Average daily shares traded | 482K | 705K |
Analyst Outlook
Wall Street rates XOMA as "Buy" and INVA as "Buy". Consensus price targets imply 158.0% upside for XOMA (target: $68) vs 43.0% for INVA (target: $33). XOMA is the only dividend payer here at 1.77% yield — a key consideration for income-focused portfolios.
| Metric | XOMAXOMA Royalty Corp. | INVAInnoviva, Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $68.25 | $32.50 |
| # AnalystsCovering analysts | 10 | 10 |
| Dividend YieldAnnual dividend ÷ price | +1.8% | — |
| Dividend StreakConsecutive years of raises | 0 | 0 |
| Dividend / ShareAnnual DPS | $0.47 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +0.0% | +0.3% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Mar 26 | Change |
|---|---|---|---|
| XOMA Royalty Corp. (XOMA) | 100 | 113.81 | +13.8% |
| Innoviva, Inc. (INVA) | 100 | 169.74 | +69.7% |
Innoviva, Inc. (INVA) returned +97% over 5 years vs XOMA Royalty Corp. (XOMA)'s -28%. A $10,000 investment in INVA 5 years ago would be worth $19,748 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| XOMA Royalty Corp. (XOMA) | $6M | $28M | +412.0% |
| Innoviva, Inc. (INVA) | $134M | $425M | +218.3% |
Innoviva, Inc.'s revenue grew from $134M (2016) to $425M (2025) — a 13.7% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| XOMA Royalty Corp. (XOMA) | -9.6% | -48.5% | -404.3% |
| Innoviva, Inc. (INVA) | 44.6% | 63.8% | +43.1% |
Innoviva, Inc.'s net margin went from 45% (2016) to 64% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| XOMA Royalty Corp. (XOMA) | 48.8 | 32.1 | -34.2% |
| Innoviva, Inc. (INVA) | 12.1 | 6.1 | -49.6% |
XOMA Royalty Corp. has traded in a 32x–57x P/E range over 3 years; current trailing P/E is ~-16x. Innoviva, Inc. has traded in a 5x–48x P/E range over 9 years; current trailing P/E is ~7x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| XOMA Royalty Corp. (XOMA) | -8.89 | -1.65 | +81.4% |
| Innoviva, Inc. (INVA) | 0.53 | 3.3 | +522.6% |
Innoviva, Inc.'s EPS grew from $0.53 (2016) to $3.30 (2025) — a 23% CAGR.
Chart 6Free Cash Flow — 5 Years
XOMA Royalty Corp. generated $-14M FCF in 2024 (-260% vs 2021). Innoviva, Inc. generated $196M FCF in 2025 (-46% vs 2021).
XOMA vs INVA: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is XOMA or INVA a better buy right now?
Innoviva, Inc. (INVA) offers the better valuation at 6.9x trailing P/E (11.5x forward), making it the more compelling value choice. Analysts rate XOMA Royalty Corp. (XOMA) a "Buy" — based on 10 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — XOMA or INVA?
On forward P/E, Innoviva, Inc. is actually cheaper at 11.5x.
03Which is the better long-term investment — XOMA or INVA?
Over the past 5 years, Innoviva, Inc. (INVA) delivered a total return of +97.5%, compared to -28.4% for XOMA Royalty Corp. (XOMA). A $10,000 investment in INVA five years ago would be worth approximately $20K today (assuming dividends reinvested). Over 10 years, the gap is even starker: INVA returned +81.4% versus XOMA's +46.9%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — XOMA or INVA?
By beta (market sensitivity over 5 years), Innoviva, Inc. (INVA) is the lower-risk stock at 0.07β versus XOMA Royalty Corp.'s 0.82β — meaning XOMA is approximately 1060% more volatile than INVA relative to the S&P 500.
05Which has better profit margins — XOMA or INVA?
Innoviva, Inc. (INVA) is the more profitable company, earning 63.8% net margin versus -48.5% for XOMA Royalty Corp. — meaning it keeps 63.8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: INVA leads at 38.5% versus -140.3% for XOMA. At the gross margin level — before operating expenses — XOMA leads at 99.3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is XOMA or INVA more undervalued right now?
On forward earnings alone, Innoviva, Inc. (INVA) trades at 11.5x forward P/E versus 39.7x for XOMA Royalty Corp. — 28.2x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for XOMA: 158.0% to $68.25.
07Which pays a better dividend — XOMA or INVA?
In this comparison, XOMA (1.8% yield) pays a dividend. INVA does not pay a meaningful dividend and should not be held primarily for income.
08Is XOMA or INVA better for a retirement portfolio?
For long-horizon retirement investors, Innoviva, Inc. (INVA) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.07)). Both have compounded well over 10 years (INVA: +81.4%, XOMA: +46.9%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between XOMA and INVA?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: XOMA is a small-cap quality compounder stock; INVA is a small-cap deep-value stock. XOMA pays a dividend while INVA does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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